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The concept of patents can be traced back on the 14th century but it has consistently evolved over time. The theory of patents was introduced to encourage innovators by awarding exclusive rights over the improvements in technology made by children. In essence, a patent is often a set of exclusive rights granted any country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular to exclude others from making, using, selling, importing, offering for sale or distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for a smallish period of time, and in many the right is restricted to 20 months and months.

The exclusive rights granted to a patentee have business impact, some new invention ideas that are listed below:

A patentee gets the freedom to enjoy monopoly over the patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing

Engineers and scientists can access a rich pool of patent information and improvise on existing technology

Competitors could have to create non-infringing products and processes

The business impact of patents can be used function the competitiveness of an online business. A wholesome, systematic and customized approach towards patents is crucial to make use of the power of patents to positively impact your business.

One for this approaches for improving competitiveness of an agency is getting product differentiators. Product differentiators are caused by developing products will be technologically superior, has newer/better features or addresses specific needs of customers. Sometimes, there may possibly be any changes which is designed to the product, however, companies might differentiate themselves from competition by offering products at reduced values. This might be possible by making changes towards processes employed in producing the product. Such modifications developed to the products/processes might be patent desirable. Hence, when a company feels that they have made some modification that might be patent worthy, it is crucial to contemplate the associated with having such improvements protected by a patent.